Stephen Ross’ Related Companies received approval yesterday for a combined $120 million in tax exemptions for two of its largest projects — Hudson Yards and Willets Point.
Although the city reviewed the request at a public hearing last week, the Industrial Development Agency made the final call, voting 12-1 in favor of granting Related’s request. The IDA board meeting will be the last one to be held during Mayor Bloomberg’s administration.
Related will get $76.5 million in tax breaks to redesign a 49-story building in Hudson Yards on the Far West Side, and – with its partner Sterling Equities – $42.6 million to build 30,000 square feet of retail, a 200-room hotel and much more near Citi Field in Queens, where it is redeveloping the Willets Point area.
Mayor-elect Bill de Blasio has said he plans to cut $2 billion to $3 billion in city-approved tax breaks per year, a shift in policy from the Bloomberg administration, which often provided tax relief to real estate developers, Bloomberg News said.
In October, the City Council approved the Willets Point project, and last month, the city’s $1 sale of 23 acres of land to the developers was made official. Also in October, Related received a $328 million tax break from the city for the construction of an office tower and a mall at Hudson Yards, as previously reported. [Bloomberg News] — Mark Maurer